MEXC Ventures Invests $36 Million in Ethena and USDe Stablecoin
MEXC Ventures is investing $36 million in Ethena and its USDe stablecoin. The investment includes:
- $16 million strategic investment in Ethena
- $20 million purchase of USDe stablecoin
The goal is to enhance the adoption of synthetic dollars in decentralized finance (DeFi) and provide an alternative to fiat-backed stablecoins. Ethena previously raised $100 million, supported by firms including Franklin Templeton and F-Prime Capital.
USDe, a synthetic stablecoin, is not backed 1:1 by fiat assets but maintains its peg through collateralization and futures positions. Its market cap has reached nearly $6 billion, while traditional stablecoins exceed $50 billion in market cap. The total market cap for stablecoins is over $200 billion.
This investment occurs amid increasing competition in the stablecoin market. Tracy Jin, COO of MEXC, stated that demand for digital assets and stablecoins is expected to grow, positioning Ethena as a significant player in the industry.